RE: Update from rgo26 Mar 2021 15:38
Infra RNS Feb 20
So yes should have all been paid off by end of 2020
Mentions warrant dates have been extended, so assume we still have warrants but the loan has been paid in full
In addition, the Company is pleased to announce the restructuring of the sum of £555,555.58 that remains outstanding, and was drawn down as the second tranche, of the £2.2 million loan facility with Riverfort Global Opportunities PCC Limited and YA II PN Limited (the "Investors") (the "Loan"). Details of this second drawdown under the Loan were announced on 14 November 2019. Under the restructuring, the Company will no longer be required to make a bullet repayment of £555,555.58 on 14 February 2020. Instead, a sum of £55,555.58 of the principal plus fees and accrued interest to date of, in aggregate, £110,624.98 will be paid to the Investors immediately, and the remaining £500,000 of principal ("Remaining Loan") will be amortised over a period of 10 months commencing 31 March 2020 and ending on 31 December 2020. The amortised payment schedule will carry an interest rate of 12% per annum from 14 February 2020, payable monthly in arrears. The Remaining Loan is not convertible into shares, save in the event of default.
Further, the final exercise dates for warrants issued to the Investors pursuant to the terms of the Loan, as announced on 1 October 2019 and 14 November 2019, have been extended to 1 October 2023 and 14 November 2023 respectively.